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No me creo que no tengan provisionado el peor caso de todas las sentencias en el affair Monsanto. De hecho, entiendo que debió ser algo muy tenido en cuenta en el proceso de compra.
Freedom is driven by determination
Hola,
Soy nuevo. El profe de Historia.
¿Alguno sabe algo sobre ICL?
Un saludo
"buena parte de la cartera de la firma británica está colocada en bonos ligados a la tasa de inflación (su rentabilidad sube si el índice de los precios al consumo va al alza)"
Estos bonos protegen de la inflación, pero no de un default.
En todos los sitios cuecen habas.
Una de las que históricamente seguía era Boskalis (BOKA). Curiosamente la ha incorporado en cartera Bestinver hace unos meses y acaba de presentar unos resultados horribles. Y el outlook para lo que queda de 2018 es peor de lo que se vió en 2017.
Freedom is driven by determination
Yo también he estado con Aryzta.
Pero salí.
Creo que hubiera podido sacarle más pero preferí coger beneficios y correr. ( Le saque algo más de un 3%)
Creo que podría haber conseguido más, pero después de tanto hablar mal de ella no tuve conj....
En que acciones estás, o sigues para entrar?
Ha ver si tienes una gran idea y me jubilas.
Aryzta, sigue invirtiendo en Brazil, 33 milliones € mas
Hola, no sé si lo ha puesto alguien, pero adjunto comentario del analista de UBS después del conf call del CEO de Aryzta post anuncio de ampliación y demás (13/08):
No outlook on FY 19E yet but some details on restructuring costs
(1) In the conference call, there were many questions on the FY 19E outlook
considering organic growth trends and inflationary cost pressure as this is key for
investor`s sentiment. Aryzta did not share details yet on the FY 19E outlook but is
planning to do so on the 01 October. In general the company stated to strongly
believe in profitability improvements medium term. We confirm our view and
see downside rather than upside risk to consensus estimates due to inflationary
cost pressure (supply chain, raw material costs). (2) On the €150m non-recurring
costs linked to the net €90m cost saving run rate by FY 21E, Aryzta stated it will
all be cash and can be split predominantly between restructuring costs running
through the P&L and capex for productivity increases/ automatisation. Aryzta
also stated to be in the implementation phase of the cost savings and it will take
some time to execute on it (we think the FY 19E benefits could be limited).
CEO is not expecting customer losses
The CEO stated he is not expecting losses of key customers after having spoken
to many of them recently. In addition, the CEO sees some current customer
insourcing of bakery goods production in Europe (Switzerland, Germany) not as
a general industry trend.
Preparation of capital increase takes some time
Aryzta stated they wanted to inform the market immediately of their plans of
a capital increase. However more details of the capital increase will be shared
only on the 01 October as it needs some time to prepare and fulfil some legal
requirements.
Net debt, EPS and implied PEx scenarios
(1) In a scenario Aryzta raises €800m equity, we estimate its FY 19E net debt/
EBITDA including the hybrid (excluding) would fall to c4.4x (c2x). In a scenario
Aryzta delivers on its at least €450m asset disposal target on top, (incrementally
still some €300m to be executed), we estimate its net debt/EBITDA including
the hybrids (excluding) would fall to c3.4x (c1.1x). (2) In a scenario of an €800m
capital increase on the current Aryzta share price, a 10% discount and a 20%
discount, we estimate the FY 19E EPS dilution would be some c35%, c40%
and c45%. (3) In a scenario of a €800m capital increase at a 10% discount
to the share price closing 10 August, the stock would trade on c11x PE. In a
scenario of 10-20% downside risk to consensus earnings, the stock would trade
on c12-13.5x PE.
Parece que toca rebote.
Contango parece que aún puede subir algo.
Pronto tendrá que parar y descansar para poder coger impulso de nuevo.